501 Spring St

Newport, RI 02840

$1,800,000
Last Sold Price
10
Beds
4,068 Sq. Ft.
$442 / Sq. Ft.
4,068
Sq. Ft.
$442
per Sq. Ft.
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Closed 10/15/25
Closed 10/15/25

Description

Large 3-family in downtown Newport. This buildings combination of size, location, parking, and rentability make it a great asset for anyone's Real Estate portfolio. This building encompases three large apartments for a total of 10 beds, 6 baths, and 6 parking spots. The 1st floor is a 3 bed 2 bath and it's kitchen is renovated. The 2nd floor is a 3 bed 2 bath and it has a renovated bathroom. The 3rd floor is a 4 bed 2 bath and it has a new granite counter top, as well as charming sky lights and exposed...Large 3-family in downtown Newport. This buildings combination of size, location, parking, and rentability make it a great asset for anyone's Real Estate portfolio. This building encompases three large apartments for a total of 10 beds, 6 baths, and 6 parking spots. The 1st floor is a 3 bed 2 bath and it's kitchen is renovated. The 2nd floor is a 3 bed 2 bath and it has a renovated bathroom. The 3rd floor is a 4 bed 2 bath and it has a new granite counter top, as well as charming sky lights and exposed beams. All three apartments come with 2 parking spots, hardwood floors, and the furniture in the units. All apartments have been fully rented for the past decade and are currently rented through May 2026, making this property is perfectly positioned for investors looking to capitalize on Newports dynamic market.
  1. Listed by Christopher Walker • Brokerage DRE #REB.0019029 • William Raveis Inspire
    P: (401)-207-3970 Christopher.Walker@raveis.com
  2. Listed by The Aquidneck Team • William Raveis Inspire
    P: (401)-640-0807 C: (401)-640-0807 arthur.chapman@raveis.com

Property Details for 501 Spring Street

Subdivision Name
Yachting Village
Furnished
Furnished
LISTING CLOSED: 10/15/2025 12:00 AM

Property Details for 501 Spring Street

StatusClosed
MLS #1391997
Days on Market48
Taxes$11,447 / year
HOA Fees-
Condo/Co-op Fees-
Property TypeMulti Family
MLS TypeResidential Income / Multi Family
Year Built1900
Lot Size0.09 AC / 3,912 SF
CountyNewport County
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Location

Listing Courtesy of William Raveis Inspire

Sold By William Raveis Inspire

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Building Information for 501 Spring Street

Stories3Residences3Year Built1900Building Size-Lot Size0.09 AC / 3,912 SF

Payment Calculator

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$10,103 per month

30 year fixed, 6.55% Interest

Principal and Interest

$9,149

Property Taxes

$954

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

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Property Information for 501 Spring Street

Summary
Location and General Information
  • City: Newport
  • Community Features: Highway Access, Marina, Near Hospital, Near Schools, Public Transportation, Recreation Area, Restaurant, Shopping, Tennis Courts
  • Postal City: Newport
  • Postal Code: 02840
  • State Or Province: RI
  • Human Modified Y N: Yes
Parking
  • Covered Spaces: 0
  • Garage Spaces: 0
  • Garage Y N: No
  • Parking Features: No Garage
  • Parking Total: 6
Taxes and HOA Information
  • Tax Annual Amount: $11,447.00
  • Tax Assessed Value: 1392400
  • Tax Lot: 092
  • Tax Map Number: 35
  • Tax Year: 2025
Property
Lot Information
  • Above Grade Fin SQFT: 4068.0
  • Building Area Total: 4068.0
  • Frontage Length: 32
  • Living Area Source: Public Records
  • Lot Size Acres: 0.0898
  • Lot Size Area: 3912.0
  • Lot Size Square Feet: 3912.0
  • Lot Size Units: Square Feet
  • Number Of Buildings: 1
  • Parcel Number: 501SPRINGSTNEWP
  • Stories Total: 3
Property and Assessments
  • Buyer Financing: Cash
  • New Construction Y N: No
  • Number Of Units Total: 3
  • Property Sub Type: Multi Family
  • Property Type: ResidentialIncome
  • Senior Community Y N: No
  • Year Built: 1900
  • C L I P: 2,133,785,461
Utilities
  • Electric: Amps100
  • Sewer: Connected
  • Utilities: Sewer Connected
  • Water Source: Connected
Interior and Exterior Features
Exterior Features
  • Foundation Details: Stone
Interior Features
  • Appliances: Dryer, Dishwasher, Gas Water Heater, Microwave, Oven, Oil Water Heater, Range, Refrigerator, Washer
  • Basement: Exterior Entry, Full, Interior Entry, Unfinished
  • Basement Y N: Yes
  • Bathrooms Full: 6
  • Bathrooms Half: 0
  • Bathrooms Total Integer: 6
  • Bedrooms Total: 10
  • Cooling: None
  • Cooling Y N: No
  • Fireplace Features: None
  • Fireplaces Total: 1
  • Fireplace Y N: No
  • Flooring: Hardwood
  • Heating: Forced Air, Gas, Oil
  • Heating Y N: Yes
  • Interior Features: Interior Steps, Skylights, Furnished
  • Laundry Features: Common Area
  • Rooms Total: 21
  • Window Features: Skylights
Multi Family
Income & Expenses Information
  • Operating Expense: $26,588.00
Unit 1 Information
  • Actual Rent: $3,779.00
  • Description: Rental amounts are average price between summer and winter rentals.
  • Unit Type Area: 1227.0
  • Baths Total: 2
  • Beds Total: 4
  • Num of Full Baths: 2
  • Num of Half Baths: 0
Unit 2 Information
  • Actual Rent: $3,329.00
  • Description: Rental amounts are average price between summer and winter rentals.
  • Unit Type Area: 1426.0
  • Baths Total: 2
  • Beds Total: 3
  • Num of Full Baths: 2
  • Num of Half Baths: 0
Unit 3 Information
  • Actual Rent: $3,329.00
  • Description: Rental amounts are average price between summer and winter rentals.
  • Unit Type Area: 1373.0
  • Baths Total: 2
  • Beds Total: 3
  • Num of Full Baths: 2
  • Num of Half Baths: 0
Rental
Rental Information
  • Land Lease Y N: No

Property History for 501 Spring Street

DateEvent & SourcePriceAppreciation
Oct 15, 2025

Sold

Rhode Island Association of REALTORS® #1391997

$1,800,000—
Sep 24, 2025

Sold (Public Record)

Public Record #1917330892

$1,800,000

+8.8% / yr

Sep 23, 2025

Contract Signed

Rhode Island Association of REALTORS® #1391997

—
DateEvent & SourcePrice
10/15/2025

Sold

Rhode Island Association of REALTORS® #1391997

$1,800,000
09/24/2025

Sold (Public Record)

Public Record #1917330892

$1,800,000

+8.8% / yr

09/23/2025

Contract Signed

Rhode Island Association of REALTORS® #1391997

—

For completeness, we often displays two records for one sale: the MLS record and the public record.

Public Records for 501 Spring Street

Taxable ValueLand$392,600Additions$999,800Total$1,392,400
Tax Record2025$12,099 ($1,008 / month)
Home Facts
Baths6Total Finished SqFt4,068 SqFtAbove Grade Finished SqFt4,068 SqFtStories3Lot Size3,912 SqFtStyleTriplexYear Built1900Year Renovated1988ZoningR10CountyNEWPORTAPNNEWP M:035 B:0092

Schools near 501 Spring Street

This home is within Newport School District.
Rating
School
Type
Grades
Distance
Pell Elementary School
Public - PK to 4
Frank E. Thompson Middle School
Public - 5 to 8
Rogers High School
Public - 9 to 12
Newport Area Career Tech Center
Public - 9 to 12
Rating
School
Distance
Pell Elementary School
PublicPK to 4

Frank E. Thompson Middle School
Public5 to 8

Rogers High School
Public9 to 12

Newport Area Career Tech Center
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of any information, descriptions or measurements (including square footage measurements and property condition), such should be independently verified through appropriate means, including, but not limited to, in person inspection and public records, and Compass International Holdings, its subsidiaries, affiliates and independently owned and operated franchisees, and their affiliated agents and associated third parties expressly disclaim any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the seller's discretion. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of William Raveis Inspire

Based on information from one of the following Multiple Listing Services: Rhode Island Association of REALTORS®. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Rhode Island Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.